Web currency not as half-baked as it seems

Founder knows how many Beenz make five

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Beenz -- the fledgling Internet currency -- appears to be holding its own despite early scepticism that this was just another gimmick trying to cash in on the popularity of the Net. With three-quarters of a million Beenz already in circulation the financial mandarins behind Beenz believe that they have tapped into something that is set to explode in popularity. Several Web sites have already been set up by Beenz enthusiasts along with a newsgroup devoted to the Beenz since the currency was launched four weeks ago. Top Beenz banker, Phil Letts, said that 37 Web sites had signed up to the new currency which can be traded and exchanged for goods the same as any other legal tender. GameSpot, Irish News and Sporting Life are among a growing list of sites already offering Beenz, and Letts reports that people have already used the currency to buy items such as videos. "We've been approached by another 200 or so Web sites from the US and Europe, and we're attracting bigger and bigger names all the time," he said. ®